Re: [Pen-l] What is the Crisis About? Fictitious Capital or the Destruction of Wealth?

[Shane Mage <shmage@xxxxxxxxxxxx>]

On Mar 12, 2009, at 11:29 AM, Jim Devine wrote:

is it right to think of "fictitious capital" as referring to cases
where Tobin's Q is greater than one? (One version of Q is
(stock-market valuation of real assets)/(actual value of those
assets), though Tobin uses the reproduction cost of those assets in
the denominator.)

What difference is there between the "actual [monetary] value of real assets" and the reproduction cost of those assets?

Shane Mage

This cosmos did none of gods or men make, but it

always was and is and shall be: an everlasting fire,

kindling in measures and going out in measures."

Herakleitos of Ephesos

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